MIRA
INFORM REPORT
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Report Date : |
30th
October, 2006 |
IDENTIFICATION
DETAILS
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Name : |
THAKORJI
SILK |
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Registered Office : |
1/ 6,
Kahtodra Industrial Society, Surat – 395 002, Gujarat, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1990 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
-- |
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PAN No.: [Permanent
Account No.] |
-- |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Importer
of Raw Silk Yarn and Manufacturer and Sale of Silk Cloth. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
40000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The concern can be considered normal for
business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
1/ 6,
Kahtodra Industrial Society, Surat – 395 002, Gujarat, India |
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Tel. No.: |
91-261-26544410 |
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Fax No.: |
91-261-26544410 |
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Area : |
1000
sq. ft. |
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Location : |
Owned |
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Administrative
Office : |
1/ 6,
Kahtodra Industrial Society, Surat – 395 002, Gujarat, India |
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Tel.
No.: |
91-261-26544410 |
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Fax
No.: |
91-261-26544410 |
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Factory
1 : |
1/ 6,
Kahtodra Industrial Society, Surat – 395 002, Gujarat, India |
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Tel.
No.: |
91-261-26544410 |
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Fax
No.: |
91-261-26544410 |
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Area : |
50000
sq. ft. |
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Location : |
Owned |
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Godown
: |
1/ 6,
Kahtodra Industrial Society, Surat – 395 002, Gujarat, India |
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Tel.
No.: |
91-261-26544410 |
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Fax
No.: |
91-261-26544410 |
SOLE PROPRIETOR
|
Name : |
Mr.
Jariwala Umeshchandra Thakordas |
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Designation : |
Sole
Proprietor |
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Address : |
34/4/3
mandir Wali Street, U M Road, Opp Hira Master Chawl, Amba Nagar – 1, Surat –
395 002, Gujarat, India |
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Tel. No. : |
91-261-2632951 |
BUSINESS DETAILS
|
Line of Business : |
Importer
of Raw Silk Yarn and Manufacturer and Sale of Silk Cloth. |
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Products : |
¯
Raw
Silk Yarn ¯
Silk
Cloth |
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Imports from : |
China |
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Terms : |
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Selling : |
Cash
and Credit upto 60 days basis |
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Purchasing : |
Cash,
L/C and CAD basis |
GENERAL
INFORMATION
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Suppliers : |
¯
Kayavlon
Impex Private Limited, Surat, Gujarat, India ¯
Kothari
Impex, Surat, Gujarat, India ¯
Chemtro,
Surat, Gujarat, India ¯
Xiang
Huaxin, China ¯
Zhe
Jiang Fiber Company Limited, China ¯
Tong
Kum Fiber, China ¯
Wuxi
Gorsheep Industrial and Trade Company, China |
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Customers : |
¯
Local
Traders ¯
Textile
Weaving Mills, Surat |
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No. of Employees : |
Around
155 |
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Bankers : |
¯
Indian
Overseas Bank Zampa Bazar Branch, Surat – 395
003, Gujarat, India ¯
Surat
People’s Co-Operative Bank Limited
Zampa Bazar Branch, Surat – 395 003, Gujarat, India |
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Facilities : |
1]
Credit Limit: Rs. 3.000 millions from India Overseas Bank 2]
Credit Limit: Rs. 2.000 millions from Surat People’s Co-operative Bank Limited. |
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Banking Relations : |
Satisfactory
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Auditors : |
Not
Available |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
10.000 millions |
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Borrowed : |
Nil |
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Total : |
Rs.
10.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
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31.03.2006 |
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Sales Turnover |
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30.000 |
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Import Value |
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20.000 |
LOCAL AGENCY
FURTHER INFORMATION
Subject
imports Yarn from reputed manufacturers and suppliers. [20/22 Denier, 40/41
Denier quality of Raw Silk Yarn.]
Subject
does not have any exports.
Subject
was importing through Merchant Importers in Surat and nor imports directly.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.02 |
|
UK
Pound |
1 |
Rs.85.56 |
|
Euro |
1 |
Rs.57.24 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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